3K-1: Partner's Massachusetts Information (2024)
Massachusetts · Massachusetts DOR · Used for tax years 2024
Massachusetts Form 3K-1 reports a partner’s share of partnership income, losses, deductions, and credits for 2024. It also reports the partner’s capital account, ownership shares, liabilities, and pass-through entity payment and credit information.
What you'll need
Have these forms and details available to complete Form 3K-1:
- Massachusetts Form 3, which supplies many of the income, loss, and adjustment amounts.
- U.S. Form 1065, Schedule K, for guaranteed payments to partners.
- The partner’s and partnership’s names, addresses, and identification numbers.
- Capital account balances, contributions, withdrawals, profit and loss percentages, capital percentages, and liability amounts.
- Applicable withholding, composite payment, and credit information, including certificate numbers where requested.
- If the partner is a disregarded entity, its name, taxpayer identification number, entity type, and domestic or foreign status.
Common mistakes
- Select only one partner type in item A.
- Mark an X in the loss box when reporting a loss.
- Do not stop after the first page. The form reminds you to continue Schedule 3K-1 on the other side.
- Transfer the total from the Credit Section to line 5b.
- For Chapter 63D reporting, report the electing pass-through entity’s total qualified income as an aggregate amount for all resident and nonresident partners with qualified taxable income subject to the entity-level tax.
Questions people ask
What tax-year dates should I enter?
For the 2024 form, calendar-year filers enter 01-01-2024 and 12-31-2024. Fiscal-year filers enter their appropriate beginning and ending dates.
Where do guaranteed payments to partners go?
Enter deductible and capitalized guaranteed payments on line 2, using U.S. Form 1065, Schedule K.
How do I calculate the ending capital account balance?
On line 30, add the beginning balance on line 25, entire net income on line 27, and capital contributions on line 28. Then subtract withdrawals on line 29.
Where are withholding and composite payments reported?
Line 37 reports withholding, and line 38 reports payments made in a composite filing. Line 39 reports credit for amounts withheld by a lower-tier entity and asks for the payer’s identification number. Line 40 reports composite payments by a lower-tier entity for informational purposes only.
Where is the partner’s Chapter 63D refundable credit reported?
Line 41e is labeled for the partner’s refundable credit. The Credit Section also includes an entry for the Chapter 63D refundable credit.